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SlideShare Friday: The Latent Market for Legal Services

SlideShare Friday  The Latent Market for Legal Services

la·tent adjective \ˈlā-tənt\

present and capable of emerging or developing but not now visible, obvious, active, or symptomatic <a latent infection>

In lieu of Infographic Friday we’re going with SlideShare Friday and a presentation developed by Richard S. Granat titled:  The Latent Market for Legal Services.  While the presentation was published in December 2013, we first heard about it during one of the presentations at LexThink.1.

The presentation’s thesis is as follows:

There is a 45 billion latent market for legal services waiting to be served. This market represents the legal needs of low and moderate income individuals and families who cannot afford the existing high cost of legal fees.

Citing several sources, Mr. Granat says the American consumer accounts for about one-third of the total U.S. legal services market which is roughly $145 billion.  This this latent market represents an additional $45 billion opportunity when the average citizen is tapping online legal resources rather than consulting an attorney.

The full presentation rather compelling is embedded below and runs just 13 slides.

Photo credit:  Flickr via Creative Commons; CC 2.0

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About Frank Strong

Frank Strong
Frank Strong is the communications director for the LexisNexis software division located on NC State’s Centennial Campus in Raleigh. In this capacity, he leads communications efforts in support of software products for law practice and law department management and also litigation tools – across large law, small law and corporate counsel segments. With more than 15 years of experience in the high-tech sector, Strong previously served as director of public relations for Vocus, which developed marketing, PR and media monitoring software. He has held multiple roles both in-house with corporations, ranging from startups to global organizations, and has also endured the rigors of billable hours, having completed gigs at PR firms including the top 10 global firm Hill & Knowlton. A veteran of two year-long deployments, Strong has concurrently served in uniform in reserve components of the military for more than 20 years, initially as an enlisted Marine and later as an infantry officer in the Army National Guard. Strong holds a BA in Film and TV production from Worcester State University, an M.A. in Public Communication from American University, and an M.B.A. from Marymount University. He is a PADI-certified Master Scuba Diver and holds a USPA "B" skydiving license.